What if I told you that emotional health and financial health are not only important but are highly intertwined? Yes, our emotions and finances are each highly affected by each other— especially as business owners.
Emotional spending is a phenomenon that can affect anyone. People from all backgrounds can experience the impact of emotional spending; however, the stressors that may cause emotional spending and financial distress are magnified with business owners who are striving to show up authentically and pour the best of themselves into their craft.
What is emotional spending? It is when one spends money on extra expenses as a response to intense emotions. These emotions can range from glee to depression to anxiety and even grief. There is no one way in which it manifests itself. Here are three examples of emotional spending:
For many people, situations like the ones listed above are chronic. Not understanding your emotions causes you to stay in a cycle of emotional spending.
Well, yes and no. It is important to understand that making more money, as a business owner, will not solve most of your financial woes. Every business must have a target for growth. If there is no target for growth, business owners may never see how profitable their businesses truly are. While many believe that the key to financial growth in a business is incoming money, the truth is the opposite. Business owners should focus on outgoing money. This will help you see exactly where your money is being spent. Understanding this could also help you identify your triggers.
Many business owners believe that if they can just land their dream client, their issues will be resolved. That simply is not the case. One must master their emotions if they plan on mastering their finances. More money is great but only if you, as a business owner, master your emotions.
Why is this? The issue is when business owners do not do the inner work of understanding personal triggers and figuring out how to navigate their emotions in a healthy way the cycle will continue, no matter how much money you make. As your money increases, so will your spending habits. Mastering your emotions is key.
Being involved in a community with other business owners is a great way to be open about many of the challenges that business owners face. According to NHS.com’s article, “5 Steps to Mental Wellbeing,” connecting with others is one of the best ways to improve your mental health. The More Than Therapy community is a group full of like-minded business owners who are not only passionate about their work but ready to work on their emotional and financial habits, just like you.
While you are here, you’ll get a free weekly webinar that addresses one of the Financial Therapy for Business Success topics, which educates service-based business owners in learning the four steps to build a business that is simple, logical, and profitable. You can join by clicking here.
www.NHS.com “5 Steps to Mental Wellness”
In the community you’ll get a free webinar each week addressing a Financial Therapy for Business Success topic. It’s great place for service based business owners to learn the 4-steps to building a simple, logical, and profitable business.
THE EMOTIONS I ADDRESS MOST OFTEN